In a market economy, price is supposed to be a reflection of value. The more valuable something is to the general population, the higher prices people are willing to pay for it.

Where this all breaks down is when there are a few people who can spend a million dollars on some ugly painting, while most people can't even spend that much on their housing. One ugly painting isn't all that valuable to the general population. However, because the rich can afford to spend a lot, the price of the painting is enormous.